Engen�s profits grow despite low oil prices
Friday, September 11, 2015
During the half-year period ended June 30, 2015, the Botswana Stock Exchange (BSE) listed petroleum firm recorded a 25 percent increase in gross profit to P148 million from P118 million in the same period last year.
Engen Botswana’s managing director, Chimweta Monga stated that the growth was mainly due to the increase in government-controlled industry margins in December 2014 and increased sales volumes.
While the political shift brings hope for change, it also places immense pressure on the new administration to deliver on its election promises in the face of serious economic challenges.On another level, newly appointed Finance Minister Ndaba Gaolathe’s grim assessment of the country’s finances adds urgency to the moment. The budget deficit, expected to be P8.7 billion, is now anticipated to be even higher due to underperforming diamond...